SummerHaven Investment Management LLC Makes New Investment in PrimeEnergy Corporation $PNRG

SummerHaven Investment Management LLC bought a new stake in shares of PrimeEnergy Corporation (NASDAQ:PNRG) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 5,161 shares of the oil and natural gas company’s stock, valued at approximately $862,000.

Several other institutional investors and hedge funds also recently bought and sold shares of PNRG. State of Wyoming lifted its holdings in shares of PrimeEnergy by 62.7% during the 2nd quarter. State of Wyoming now owns 423 shares of the oil and natural gas company’s stock valued at $62,000 after buying an additional 163 shares during the last quarter. CWM LLC boosted its position in shares of PrimeEnergy by 673.6% in the third quarter. CWM LLC now owns 410 shares of the oil and natural gas company’s stock valued at $68,000 after acquiring an additional 357 shares during the period. Tower Research Capital LLC TRC increased its holdings in shares of PrimeEnergy by 571.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 477 shares of the oil and natural gas company’s stock worth $70,000 after purchasing an additional 406 shares during the period. Rhumbline Advisers increased its stake in PrimeEnergy by 99.3% during the second quarter. Rhumbline Advisers now owns 1,373 shares of the oil and natural gas company’s stock valued at $201,000 after acquiring an additional 684 shares during the period. Finally, Safir Wealth Advisors LLC bought a new position in PrimeEnergy in the third quarter worth $208,000.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Weiss Ratings restated a “hold (c)” rating on shares of PrimeEnergy in a research note on Monday, December 29th. Wall Street Zen upgraded shares of PrimeEnergy from a “sell” rating to a “hold” rating in a report on Saturday, November 22nd. One analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold”.

PrimeEnergy Stock Up 2.3%

PNRG opened at $175.98 on Wednesday. The stock has a market cap of $286.85 million, a price-to-earnings ratio of 16.84 and a beta of 0.01. PrimeEnergy Corporation has a 12-month low of $126.40 and a 12-month high of $239.87. The business has a 50 day moving average of $173.92 and a 200-day moving average of $163.50.

PrimeEnergy (NASDAQ:PNRG) last released its quarterly earnings data on Wednesday, November 19th. The oil and natural gas company reported $4.38 EPS for the quarter. PrimeEnergy had a net margin of 12.69% and a return on equity of 12.19%. The firm had revenue of $44.66 million for the quarter.

Insider Buying and Selling

In other news, major shareholder Rothschild Robert De sold 8,700 shares of the business’s stock in a transaction dated Tuesday, January 13th. The shares were sold at an average price of $182.85, for a total value of $1,590,795.00. Following the completion of the sale, the insider owned 222,057 shares of the company’s stock, valued at approximately $40,603,122.45. The trade was a 3.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Clint Hurt sold 5,000 shares of the business’s stock in a transaction dated Tuesday, December 9th. The shares were sold at an average price of $190.20, for a total transaction of $951,000.00. Following the completion of the sale, the director directly owned 120,763 shares of the company’s stock, valued at $22,969,122.60. This represents a 3.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 18,700 shares of company stock worth $3,492,331. 62.77% of the stock is owned by corporate insiders.

PrimeEnergy Company Profile

PrimeEnergy Resources Corporation, through its subsidiaries, engages in acquisition, development, and production of oil and natural gas properties in the United States. The company owns leasehold, mineral, and royalty interests in producing and non-producing oil and gas properties; and operates approximately 534 active wells and owns non-operating interests and royalties in 952 additional wells. It also acquires producing oil and gas properties through joint ventures with industry partners; and provides contract services to third parties, including well-servicing support, site-preparation, and construction services for oil and gas drilling and reworking operations.